According to recent research conducted by Mercatus Research (MR), the global AR/VR in Travel and Tourism market exhibited promising growth, valued at US$ million in 2023. This sector is anticipated to further expand, reaching a revised size of US$ million by 2030, with a projected Compound Annual Growth Rate (CAGR) of 10.199999999999999% during the review period.
The study sheds light on the immense potential of the global AR/VR in Travel and Tourism market. AR/VR in Travel and Tourism are poised for consistent growth in the forthcoming market landscape. Nevertheless, achieving widespread adoption of AR/VR in Travel and Tourism hinges on product differentiation, cost reduction, and supply chain optimization. Market participants must prioritize investments in research and development, establish strategic partnerships, and align their product offerings with evolving consumer preferences to harness the substantial opportunities inherent in the AR/VR in Travel and Tourism market.
| REPORT METRIC | DETAILS |
| Forecast Period | 2024 – 2032 |
| Base Year | 2023 |
| Historic Years | 2018 – 2023 |
| CAGR % | 10.199999999999999% |
| Quantitative Units | Revenue in USD Million |
| Market Players Covered | Google (ARCore), Apple (ARKit), Meta (Spark AR), HTC Vive Focus, Samsung Gear VR, Marriott International, Hilton Worldwide Holdings, Hyatt Hotels Corporation, Airbnb, Booking Holdings (Booking.com, Kayak), Expedia Group |
| Key Regions Covered | North America, Europe, Asia Pacific, Latin America and Rest of the World |
| Market Drivers | Enhanced travel experiences and destination marketing through AR/VR.
Virtual tours and immersive experiences for travel planning. Integration of AR/VR for training and safety simulations in tourism. |
| Market Restrain | High costs associated with AR/VR hardware and content development.
Limited user base and mainstream adoption challenges. Concerns over motion sickness and health-related issues in VR. |
Key Aspects Covered:
Market Size and Growth: The research report presents an overview of the current market size, historical data, and market segmentation by type by applications etc. Additionally, it provides regional breakdowns, offering a comprehensive understanding of the market’s scope and potential.
Market Drivers and Challenges: The report analyzes the factors propelling the growth of AR/VR in Travel and Tourism, including government regulations, environmental concerns, technological advancements, and evolving consumer preferences. It also delves into challenges faced by the industry, such as infrastructure limitations and high upfront costs.
Competitive Landscape: The research delves into the competitive landscape, profiling key players. It examines their market share, strategies, and product offerings, while also highlighting emerging players and their potential impact on the market.
Technological Developments: The report explores the latest technological advancements in the AR/VR in Travel and Tourism sector, encompassing innovations, investments, and new entrants that are shaping the industry’s future.
Consumer Preferences: Insight into customer procurement behavior, preferences, and factors influencing purchasing decisions are detailed. This includes preferences for specific AR/VR in Travel and Tourism products.
Government Policies and Sustainability: An analysis of government policies, subsidies, tax incentives, and their effectiveness in promoting the AR/VR in Travel and Tourism market is included. Additionally, the report assesses the environmental impact and sustainability aspects of the industry.
Market Forecasts and Outlook: Based on comprehensive analysis, the report provides market forecasts, growth rates, regional trends, and predictions concerning technological advancements and policy developments, offering a holistic view of the market’s future.
Recommendations and Opportunities: The report concludes with strategic recommendations for industry stakeholders, policymakers, and investors. It identifies potential opportunities, key trends, and challenges, guiding market players to make informed decisions.
AR/VR in Travel and Tourism Market Drivers:
- Enhanced travel experiences and destination marketing through AR/VR.
- Virtual tours and immersive experiences for travel planning.
- Integration of AR/VR for training and safety simulations in tourism.
AR/VR in Travel and Tourism Market Restrain:
- High costs associated with AR/VR hardware and content development.
- Limited user base and mainstream adoption challenges.
- Concerns over motion sickness and health-related issues in VR.
AR/VR in Travel and Tourism Market Segmentation:
The AR/VR in Travel and Tourism market is segmented By Type
- Augmented Reality (City Guides, Virtual Tours)
- Virtual Reality (Destination Exploration, Cultural Experiences)
The AR/VR in Travel and Tourism market is segmented By Application
- Museums & Historical Sites
- Theme Parks & Attractions
- Travel Planning & Booking
The report further divides the market by Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Note: Please feel free to reach out to us for further details on the comprehensive segmentation of the report. Our bespoke research will meticulously address the business information you seek, facilitating the formulation of strategic and profitable business decision.
These insights provide a comprehensive understanding of the global AR/VR in Travel and Tourism market, offering valuable guidance for businesses and investors aiming to navigate this dynamic industry landscape.
The profiled companies were meticulously selected based on insights garnered from primary experts and a comprehensive analysis of their company coverage, product portfolio, and market penetration.
Google (ARCore), Apple (ARKit), Meta (Spark AR), HTC Vive Focus, Samsung Gear VR, Marriott International, Hilton Worldwide Holdings, Hyatt Hotels Corporation, Airbnb, Booking Holdings (Booking.com, Kayak), Expedia Group & Others.
Key Questions Explored in this Report:
- What is the projected growth trajectory of the global AR/VR in Travel and Tourism market over the next ten years?
- What are the primary factors propelling the expansion of the AR/VR in Travel and Tourism market, both globally and across distinct regions?
- Which emerging technologies are anticipated to exhibit the most rapid growth within the AR/VR in Travel and Tourism market, categorized by market and region?
- How do AR/VR in Travel and Tourism market opportunities vary in relation to end market size?
- How does the AR/VR in Travel and Tourism market break down by type and application?